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17 Cards in this Set

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the study of how best to allocate scarce resources among competing uses
economics
lack of enough resources to satisfy all desired uses of those resources
scarcity
resource inputs used to produce goods and services such as land labor capital and entrepreneur ship
factors of production
final goods produced for use in teh production of other goods such as equipment structures.
capital
the assembling of resources to produce new or improved products and technologies
entrepreneurship
the most desired goods or services that are forgone to obtain sometheing else.
opportunity cost
the alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology
production possibilities
maximum output of a good from the resources used in production
efficiency
and increase in output an expansion of production possibilites
economic growth
the use of market prices and sales to signal desired outputs
market mechanism
the doctrine of leave it alont of non intervention by government in the market mechanism
laissez faire
an economy that uses both market signals and government directives to allocate goods and resources
mixed economy
an imperfection in the market mechanism that prevents optimal outcomes
market failure
government intervention that fails to improves economic outcomes
governt failure
the study of aggregate economic behavior, of teh economy as a whole.
macroeconomics
the study of individual behavior in the economy, of the components of the larger economy
microeconomics
the assumption of nothings else changing
ceteris paribus